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Ok...alittle POed...**HELP**


KSJefferies
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I have 4 student loans.

They were owned by USA Group Loan services. I had late payments on those loans.

It seems that Sallie Mae and USA Group Loans merged.

On my credit it now shows 4 TL's of USA Group Loans with all the late pays, as Transfered and closed.

I also have 4 TL's that show Sallie Mae. It doesnt have hardly any lates and what i do have will run off in the next couple months.

Everyone at Sallie Mae agree that they are the same company and all 8 are the same loans, but since USA TL closed when they merged....I cant ever get those late pays off my record.

So right now I have 8 entries of negative in my reports. TU took the USA Group TLs off my report. Experian and Equifax said i would need to contact the creditor since they validated the loans. But when they contact USA Group to validate it checks out because they are valid...but its all the same freakin loans!

Is this legal? They are telling me that they will not remove anything. They did say they would send me a letter stating that USA Group and Sallie Mae merged and are the same company. Would this be enough to send to the CRA and have them removed off as duplicates?

HELP! :evil:

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I checked the loan details also through Sallie Mae and the loan amount is incorrect on three of the four TL. Seems like everything else is correct. Does them reporting the wrong amounts help me any either?

I know Im grasping here, but removing these double entries will remove 4 negative accounts on the report in one swoop.

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Sorry, I don't really know the answer to this, but I hate to see you just hanging there.

My suggestion would be a strongly worded letter (CMRRR) to the current creditor pointing out that if they are indeed the same company, then by reporting the same accounts twice, they are violating the FCRA and are also preventing you from obtaining credit elsewhere. Tell them that if they don't immediately correct the situation, you'll be forced to obtain legal advice.

Not sure if this would work, but you need to do something in writing to get their attention.

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Well i just finished speaking with Equifax. Just for informational purposes. They tell me that the only way for them to remove the USA Group entries would be if Sallie Mae would send them a letter stating they are one and the same and that they are requesting the USA Group entries be removed. I asked what would happen if they were reporting the wrong loan info and once again she said the FCRA says they cant change it unless the OC agrees and submits for it to be changed.

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I don't understand - a company is now out of business and Equifax says they verified the information? No way.

I'd write a strongly worded letter telling them since this company technically no longer exists, there's no way they could validate and it needs to come OFF of your credit report.

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Well they are saying that the company doesnt exist, but since it was a merger and they are not the same company as Sallie Mae, when they verify the acct, they verify with the account number and it checks. I just spoke with Sallie Mae and she read off their corp. policy that they do not remove late pays or even Good Will any accounts. They actually used the term Good Will. My next plan of attack is the check the accounts in detail. Can you tell me by what date do they use to determine the 7yr mark? I do know that between the two loans the amounts are different.

This is the accounts as stated on my credit report.

Sallie Mae

Amount: $1655

Date Opened: 1-9-94

USA Group

Amount: $828

Date Opened: 1-9-94

Date Closed: 2-2001

Sallie Mae

Amount: $2625

Date Opening: 1-10-95

USA Group

Amount: $1313

Date Opened: 1-10-95

Date Closed: 2-2001

Sallie Mae

Amount: $1327

Date Opened: 1-10-96

USA Group

Amount: $664

Date Opened: 1-10-96

Date Closed: 2-2001

Sallie Mae

Amount: $1515

Date Opened: 1-4-97

USA Group

Amount: $1515

Date Opened: 1-4-97

Date Closed: 2-2001

Ok Guys, all that is the info on the report. Can any of this be used to help?

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I may be wrong, but this doesn't seem to be much different than when a OC sells a bad debt to a CA. When this happens, both the OC and the CA are allowed to list the debt under two separate TL's and, as far as your CR is concerned, the one debt becomes TWO. The only requirement is that the OC must list the balance as the difference between whatever the original balance was at the time of charge off, and whatever portion of the debt was sold to a CA (for example, if your charge off was $2500, and they sold only $2000 to a CA, they can only report a balance of $500). I have this very thing happening right now with me. I have a charge off from Providian that they sold to ASSet Acceptance. Now both Providian and ASSet list the TL's for a single debt.

Just my 2 cents.

Joe

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Well, the FCRA says:

© Running of reporting period.

(1) In general. The 7-year period referred to in paragraphs (4) and (6) ** of subsection (a) shall begin, with respect to any delinquent account that is placed for collection (internally or by referral to a third party, whichever is earlier), charged to profit and loss, or subjected to any similar action, upon the expiration of the 180-day period beginning on the date of the commencement of the delinquency which immediately preceded the collection activity, charge to profit and loss, or similar action.

(2) Effective date. Paragraph (1) shall apply only to items of information added to the file of a consumer on or after the date that is 455 days after the date of enactment of the Consumer Credit Reporting Reform Act of 1996.

which basically means 7-1/2 yrs from the date of last activity. Now the fact that these are student loans shouldn't matter, but if you've never paid on them and they were opened prioe to 1996, it may...

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I have always paid on the loans. They never went to collections or anything like that. They just have some late pays that I wanted removed on the USA Group TL. Since they havent removed them and they changed the TL to Sallie Mae when they merged...I had 8 late payments on my record instead of the 4 I had when only the USA Group TL showed.

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